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00:01:52 0 |
Show Slate: The Eleventh Hour, Show 107, Art and Money
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00:02:02 10.01 |
WNET New York graphic
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00:02:06 13.63 |
Grants and funding announced and overlay The Eleventh Hour graphic.
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00:02:17 24.93 |
The Eleventh Hour show graphics and opener.
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00:02:45 52.41 |
Host Robert Lipsyte announces show and welcomes viewers.
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00:02:57 64.7 |
Sitting at his desk Host Lipsyte talks about topic of today's show, Art and Money, as camera pans out and reveals a Vincent VanGogh painting propped up on his desk. Lipsyte announces upcoming guests.
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00:03:31 98.8 |
Host Lipsyte introduces first segment of show, "auction houses".
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00:03:34 101.59 |
Montage of clips depicting an auction getting ready to take place at Christie's Auction House: People walking up staircase, large paintings on wall above stairwell, people taking seats in auditorium, Christies sign on wall, painting by Joan Miro hanging on wall, Christies bidding paddles, etc.
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00:03:37 105.18 |
People filing into auditorium, taking seats.
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00:03:39 107.11 |
Sign on wall "Christie's" "Welcome to Christie's"
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00:04:07 135.12 |
z'in on asian men seated amidst audience at auction.
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00:04:13 140.56 |
Man holding up bidding paddle at Christie's auction.
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00:04:17 144.42 |
Packed in audience shot at auction, some holding up bidding paddles. Auctioneer can be heard.
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00:04:26 153.79 |
Auctioneer at Christie's podium, making calls
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00:04:49 177.26 |
Various famous paintings auctioned off - big red "Sold" overlay
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00:04:49 177.28 |
Vincent VanGogh painting, "The Iris's" on podium displayed at Christie's.
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00:05:00 187.92 |
Pan out from painting to audience at Christie's
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00:05:03 190.29 |
Auctioneer at Christie's podium auctioning Vincent Van Gogh painting.
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00:05:03 190.32 |
Gentlemen in tuxedos, phone in ear, at Christie's auction house.
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00:05:21 208.89 |
Picasso's painting, "Acrobat Young Harlequin", on wall at Christies. Big red "Sold" overlay and price $34,610,400 as Lipsyte unseen incredulously announcing the price. VanGogh's "Sunflowers" painting on wall with large red "Sold" overlay
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00:05:35 222.47 |
Audience applauds as man in tuxedo holding phone to ear, smiling, wins bid
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00:05:48 235.76 |
Auction continues, auctioneer calling out pricing of $50million on VanGogh painting displayed on podium.
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00:06:02 249.57 |
Van Gogh painting on wall with big red Sold overlay and price of $49,000,000
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00:06:10 257.8 |
Host Robert Lipsyte in studio announces first guest, Richard Feigen, owner of the Richard Feigen Gallery in New York.
Interview Inserted: Robert Lipsyte: I'll buy it whatever it is. It's another cultural equivalent for sex, the art auction? Well, to help us understand what is happening in the art world, Richard Feigin, one of the most prominent Art Gallery owners in New York. He started the Richard Feigin Gallery more than 30 years ago, which leads me to believe you have seen some cycles in your time. Is this boom any different? Richard Feigin: I think it's different. And I don't think it's a cycle. I think that probably has been a real sea change and that art is in fact monetized now, been converted into some kind of a financial instrument. Unfortunately. A lot of us don't like that, but that's the fact of life. Robert Lipsyte: What are the forces that created that? Richard Feigin: I think the printing of too much money and disillusionment with other places to put it. Stock market, bond market, currencies, precious metals, a lot of precious stones, a lot of these things that prove very cyclical. And the impression given by the press, I think stimulated by the auction houses, is that art has only gone up in price. And therefore, I think that has been a self-fulfilling prophecy. So in general, we may not be in a cycle now, we may be in a permanent condition. Although I think within the framework of that condition, you're going to find certain things becoming unfashionable and dropping in price, certain things that are of regional interest, certain things that appeal to the Japanese market. We had that experience with certain things that appealed to the oil patch. And when trouble developed there, those things became unsaleable, elsewhere. Robert Lipsyte: You look not happy about this and yet, I would think, as a businessman, you'd be thrilled. Richard Feigin : Well, first of all, I'm not certain This is good for the making of art. I don't think it helps, these prices. Secondly, it isn't very good, I mean, our business has been fine. But it's very difficult to get things to sell. It's unlike any other business in the sense that we cannot create art. And there's only a limited amount of it- particularly good art. So that as prices ascend, people become unwilling to sell it, they want to hold it because they think it's going to keep on going up in price. They say, "what else am I gonna put my money into?" and I frankly don't have a good answer. Certain countries won't let it out because prices are getting so high that they feel their patrimony is being bled out of the country, and therefore they're going to block export. A number of countries have done that, and more are threatening it. So essentially, our problem is, how do you get the art? Robert Lipsyte: They're creating more money than they are creating art. Richard Feigin: There's a printing press in Washington to make the money and there's no printing press. To make Van Goghs. Robert Lipsyte: One of the things that surprised me was that art, the art boom seemed to survive the October '87 crash. That seemed to be symptomatic of something of which I don't understand. Richard Feigin: The morning after that October, Monday, I got on my telephone and I started shaking the tree trying to have some apples fall down, trying to see if anybody was frightened enough to sell some paintings, and that one apple fell into my basket. I think that people felt that the stock market was precarious, that the works of art were basically held and strong enough hands where they didn't have to sell them. And people said, look, the stock market is weak, it's vulnerable, but the art isn't so they held on. As a matter of fact, the art market got stronger rather than weaker. Robert Lipsyte: Yeah, culture as a as a commodity. Is there a dark side to that for society in general? I mean, is there something we should be concerned about? Is that a symptom of something that's happening in in our, in the way we live? Richard Feigin: Yes, I think first of all, it's symptomatic of the weaning away of Americans from the dollar, because 15 years ago, with enough dollars, you could talk people out of selling 9 people out of 10 out of selling a work of art, I think the fact that you can means that they don't want dollars anymore. And I think that if Americans don't want dollars anymore, the day may come when Europeans and Asians don't want dollars anymore. And that means a problem with funding our budget deficit. Furthermore, I don't think it's particularly good for an artist in his 40s to see his work, selling for a million dollars a piece, because I think that that really prevents him from taking risks or it can depending on his moral fiber, strength of character, it can make him wonder whether he should take a chance whether he should make something very different from his last show, and therefore take a risk that he's going to destroy that market. And I think that making taking risks is really what making art is all about. So I don't think it does the artists any good. We've already had one Casualty. We've had John Michel Basquiat, who killed himself with a heroin overdose at the age of 24 years old. I think there going to be other casualties. Robert Lipsyte: As a direct result of this kind of economic boom in art? Richard Feigin: I think it was a direct result of a boom and bust. I think that the the trendy art collectors walked away from his art. Robert Lipsyte: Thanks to Richard Feigin, I think we've got a bit on the economics of the art trade. We'll be back with two people, a critic and a corporate advisor with some thoughts on the tricks of the trade. |
00:11:20 567.81 |
The Eleventh Hour graphic
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00:11:23 570.84 |
Show returns. Robert Lipsyte in studio, large works of art adorn the walls behind him. Sitting on sofa are Lipsyte's next two guests, Donald Kuspit (Art Critic and Professor at the State University at Stony Brook) and Jeffrey Deitch (Specialist in 20th Century Art).
Interview Inserted: Donald Kuspit is an art critic and a professor at the State University at Stony Brook. Jeffrey Deitch, a specialist in 20th century art, ran Citi Bank's art investment department for nine years. Mr. Deitch, who still advises private clients, what's hot? Jeffrey Deitch: Every everything's hot today, with maybe one or two exceptions. Old masters are hot. Contemporary art is hot. Impressionism, of course is hot, and many people find that that's the problem with the art market. Where are the bargains? Yeah. Robert Lipsyte: Yeah. Professor Kuspit, let me ask you, are you offended at all by a question like, what's hot? And the answer? Donald Kuspit: No, I'm not offended by it. But I hope it's not the last question. Because many things that are hot, are really quite cold in terms of art. And I would say, what the market decides is interesting is not necessarily what in fact, will be interesting or will endure. Robert Lipsyte: Will, you know, find that somewhat democratic, that it's the market that's deciding rather than a professor at Stony Brook? Donald Kuspit: I find it slightly moronic. Not so much that a professor of Stony Brook should decide but that there should be a greater consensus about what is significant than the decisions of a half a dozen dealers and a dozen collectors. Robert Lipsyte: Yeah. Jeffrey, do you think it's more democratic? Jeffrey Deitch: Well, I do think that generally what the market likes is what does become art history, that ultimately the market is correct. Except, except- May or may get off, get on the wrong track for a while. Robert Lipsyte: Well, but the market, as we know is manipulated, the market is manipulated, because some young artists working in a in a grotto somewhere would never be recognized unless he happens to be in a 'hot' dealers gallery. Wouldn't you agree with that? Donald Kuspit: Yes, I would agree with that. I think it's not quite true what Jeffrey said that the market is marketplaces that where art history is determined, it looks that way. But it's not true. If you look, for example, the 19th century, the artists who brought in the most money was Rosa Boehner, who is today regarded as a minor artist and would hardly bring the same prices. It's not at all clear what things will look like 50 years from now, or 25 years from now, or 100 years from now. Museums' basements are full of works that are no longer credible as art, that are no longer significant. They may still have value on the market, there are markets made and unmade changing. Markets are a constant as it were. But the criteria for determination of significance, whatever you want to cut that culturally, aesthetically, are hardly what is decided on the marketplace. Robert Lipsyte: Let me let me say, I tend to agree with you. And yet, it was all respect, it does seem like a somewhat snobbish, on the face of it, and an elitist opinion. Donald Kuspit: No, I think what you have in the marketplace, is not really determination of art values. I don't think this is an elitist matter or not. It's a question of holding out for history, really. I mean, I have certain artists that interests me very much contemporary artists, but I'm not going to claim that these are, quote the greatest because they bring in extraordinary prices. I would be very hesitant to do that. I would want a more reflective approach. That's all I'm holding out for. if that's elitest, fine. Robert Lipsyte: Jeffrey, you're not going to hold out for history because you want to live in Trump Tower this week, right? I mean, you you unashamedly bring together art and the commodity aspects of art, right? Jeffrey Deitch: Well, I think that's where we are today. The most interesting younger artists mentioned Jeff Koons as an example, are engaged with the marketplace. That's one of the issues. That's our culture today. Robert Lipsyte: Yeah but one of the issues- Donald Kuspit: That's some culture, Jeffrey, that's some culture. That's not the whole of culture. And that's not where all artists are. Robert Lipsyte: Yeah. Is that culture or is it business? Jeffrey Deitch: Well, I think I think business is very much mixed in with our culture. And some of the most exciting contemporary artists are very much attuned to that. That's one of the issues. Robert Lipsyte: Well, one could be more sympathetic to that point of view, if there wasn't just so much public relations involved. I mean, merchandising and selling and hype? Jeffrey Deitch: Well, hype, celebrity, that is part of our culture, too. And, in fact, Andy Warhol made celebrity and hype into kind of an art form. And that's influenced a whole generation of younger artists. Robert Lipsyte: That must make you sick. Donald Kuspit: Not really, it's a cultural phenomenon, really. I study it as an anthropologist studies the behavior of a tribe Robert Lipsyte: You'll ride it out. Donald Kuspit: I ride it out, I accept it, it certainly tells us something about the society. I have no argument with that. I would say what the marketplace is about is really not sensitivity to art or to culture, as Jeffrey thinks, it's about sensitivity to money. I think Jeff Koons, for example, and we're giving him a plug now, unfortunately, is really about sensitivity to money, rather than to utilizing in some way the- Robert Lipsyte: Well, I don't I don't get his stuff at all. But let me let me say, say this. You know, you hold out for history, and you see, business's culture, and that's all fair and good. But there's a dark side to this, which is in art, as in Wall Street, there is insider trading. Donald Kuspit: That's correct. Robert Lipsyte: And it's not even as if the market is deciding the market is is being manipulated, and people are making decisions in boardrooms about what they're going to hustle and sell right? Jeffrey Deitch: The art market is a totally inefficient market. It, it can be- Robert Lipsyte: Inefficient or corrupt? Jeffrey Deitch: Well, there, there's some who would say that there's, there's an element of corruption, but I don't think it's significant. But it certainly is an inefficient market. Robert Lipsyte: But when you advise your clients, you're not advising them as to what is going to be valuable 150 years from now, because they'll be dead. You're advising them, as I say this with respect too, I guess, I don't really mean as harshly as it sounds, as a as a race track tout would advise what's going to win in the sixth at Belmont today? Jeffrey Deitch: Well, I start with with real faith in quality, and I advise my clients to buy something that I think is significant and of high quality. And one just has faith that in the long run, that's also going to be valuable. Donald Cuspid (NT-3107) 16:08 What should I say to that? I don't think quality is a matter of faith. I think in fact, that there are such things as trends, fashion, etc. Some of these are quite interesting. Who would deny that? I think the question is what the determinants of quality finally are. And I do think the issue of manipulation of the market and the fact that was that Robert Lipsyte: How is that the manipulation of the market is exactly it! How is it decided who's going to be hot and who's not? What what does a dealer? How does the dealer decide? Jeffrey Deitch: I think it starts with the artists themselves, that the artists who are most exciting, surround themselves with other artists who are exciting. And the excitement is contagious. And people who are close to these artists pick up on it, and it it goes from there. Robert Lipsyte: But, I mean, somehow there's a sense that somebody is being anointed in some way, because certain critics will say, yeah, that's really, it's kind of interesting. And we can take a notebook and see that it's appropriation of a kind of image of thought, and it really is going to have significance. And I mean, and it's an Emperor's New Clothes. Donald Kuspit: I think what you say is very much to the point. Jeffrey speaks of most exciting artists, it's not clear who most exciting artists are. He's assuming a kind of monolithic system in which there's this magical thing called excitement, or exciting art that moves from certain artists. I see it as a more complicated system, I see a variety of kinds of art being made of different quality making different points, having different degrees of significance. I do not think there's any canon, absolute canon, of what is, quote, "the most exciting" or "most valuable" art being made right now. Let's forget history. Robert Lipsyte: And the canon may be who you're drinking with too. Donald, Jeffrey, thank you very much. |
00:20:13 1100.5 |
The Eleventh Hour graphic
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00:20:16 1103.35 |
close up lithograph of painting by artist Rosenquist
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00:20:30 1117.58 |
Host Robert Lipsyte returns talks about the lithograph of a painting by artist James Rosenquist originally sold for $350 and later resold at Sotheby's for $440,000.
Interview Inserted: Robert Lipsyte: What's what's missing from our picture is an artist maybe? Well, we'll be right back with one of the most important contemporary American artists, James Rosenquist. That was a lithograph of a painting that originally sold for $350. It was resold last fall at Sotheby's for $440,000. Did you have a reaction to that information? Did you care one way or another when you heard? James Rosenquist: I used to fall on the floor I in and this- I had a lot of experience with this and back in the 70s. Because of an unfortunate automobile accident, I happen to be broken, I could pull the insides out of my pants and nothing. And I slowly began to get to getting out of the hospital I began to paint again, and I invited people to my studio. And they said marvelous, wonderful, they're fantastic paintings. They left they didn't buy a thing. They went out and bought a painting I sold originally for 750 bucks for $45,000. So that was the first time that was the first bite. And I got I was I was in mid-career I was broke, I was in debt actually. And I met a man Ruben Gorwitz at a book signing party, Doug Davis, his party, and he says "why don't you and I go to work for artists rights?" I said "what's that?" he says "they are nothing because the artists don't have any" and I says "I know that already." So so we flew around the country on our opinion, our weight, and I didn't have much to pay with. I talked in Chicago, Richmond, Virginia. I lobbied at the doors of The Senate with Marian Javits and Bob Roschenbird. Robert Lipsyte: Wanting, wanting, what a royalty? James Rosenquist: A royalty, a change in the contribution bill, a number of things. Robert Lipsyte: But Jim, with all respect, you know, F1-11 a painting sold for $2 million. James Rosenquist : Yeah. Robert Lipsyte:5 You're going to be selling more paintings for more money. And in a sense, it's because of this rising tide of the market. And it's because old paintings of yours, which you're not getting any piece of, sold for so much money. Isn't that the case? James Rosenquist: Well, the question is that? And I got a direct answer. And that is, if I died right now, those if I died back in the 70s, those things wouldn't have appreciated and valued, nothing would have happened at all. Robert Lipsyte: But you wouldn't have cared it you died back in the '70s. James Rosenquist: But my point is, is that the art Dealers Association and a number of other lawyers, ply the golden goose syndrome to,to the artists, they want to take the golden eggs away and to hell with the artists. Robert Lipsyte: And, and that's because that's because artists are not controlling the market. Businessmen are in control if the market! James Rosenquist: Never mind the market, my point really is, is that if you help an artist if you funded artists, if you fund arts in America, you have a better atmosphere. I worked in any, I was working in- Robert Lipsyte : Why should we fund arts in America. We're not funding a lot of other things in America. James Rosenquist: We're funding a lot of things. We're funding the sciences to to tune of over 900 million. I had a presidential appointment from Jimmy Carter serve on the NEA from 78 for about five or six years. And uh Robert Lipsyte : Okay, now I understand artists, artists are not getting James Rosenquist: But senators and Congress- Robert Lipsyte: The point is that right now we see that James Rosenquist: I'm anxious. Robert Lipsyte: That so much money is being spent on art, a lot of money, people are buying art, maybe it's bad art, maybe it's bad artists' bad art. But that is, in a sense, the kind of funding of the arts in America. Don't you think that's a good thing, what's happening now? You don't? James Rosenquist: Yes, I do. You got this all wrong. The the problem, the problems is, is a lack of an audience in our 50 great states. That's that's one thing. Compared to Europe, in spite of all this business, about all these prices, and there's still a very small knowledge about art. That's why there's so much confusion. That's why there's so much confusion with collectors. They think of ours, maybe like a racehorse, whatever. But they don't know. The reason they don't know they don't have a much art history background. They don't know anything about it. They don't know that art is built on a firm solid base from Renaissance paintings, color French impressionism, uh Robert Lipsyte: Why should they care? They're businessmen buying it as investment. James Rosenquist: So why should they care? So they know what they're buying! That's why. Robert Lipsyte: Well, but they don't care what they're buying. They're only interested in making more money. James Rosenquist: But they don't make more money if they don't know what they're buying. Robert Lipsyte: Do you think they're killing the golden? The Golden Ages? Yeah. Okay. James Rosenquist: Back to I have to want to answer your question. Your question is that, uh, if you, well, first of all, senators and congressmen in Washington would ask me what good is an artist anyway? Why don't we fund a liquor store? And I said, an art. my answer is, an artist provides an abstract mental garden for people to think, live, work, and exist in and it's an ambience and a feeling that's very, very delicate. Robert Lipsyte: We'll have to leave it there. But that's perfect. James Rosenquist. Thank you so very much. May your prices only rise. James Rosenquist: Thank you. Robert Lipsyte 23:29 And may your work always be out of the reach of our friends, Marshall Efron and Alfa Betty Olsen. |
00:25:28 1415.55 |
Interview with James Rosenquist concludes. Host Lipsyte announces next guests.
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00:25:33 1420.79 |
cut to consumers digest investment index chart. Marshall Efron appears in small box, speaking about art collecting.
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00:25:59 1446.37 |
Art collector, Marshall Efron a cartoonish type character in red bow, appears and talks very fast about his philosophy based on "the thrift shop test". He holds up various art works, demonstrating what passes the test.
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00:26:56 1503.83 |
Efron shows off a plastic toy sculpture, The Ritalin Man, distributed by a pharmaceutical company., now a rare piece
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00:27:19 1526.25 |
Efron holds up a plastic a giant jujube, now a cultural icon.
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00:27:44 1551.82 |
Efron introduces his assistant, Miss Olson, sitting off to the side and manning phone as Efron (comically) holds up art work and novelty items attempting to auction them off to no avail.
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00:28:13 1580.93 |
Host Robert Lipsyte returns, introduces the show and himself as show ends.
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00:28:17 1584.71 |
Show credits overlay Efron's artwork.
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00:28:36 1603.79 |
Funding for show announced and overlays Eleventh Hour graphic.
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00:28:53 1620.65 |
Reel end.
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